Motivated by an old question of Gallai (1966) on the intersection of longest paths in a graph and the well-known conjectures of Lovász (1969) and Thomassen (1978) on the maximum length of paths and cycles in vertex-transitive graphs, we present improved bounds for the parameters $\mathrm{lpt}(G)$ and $\mathrm{lct}(G)$, defined as the minimum size of a set of vertices in a graph $G$ hitting all longest paths (cycles, respectively). First, we show that every connected graph $G$ on $n$ vertices satisfies $\mathrm{lpt}(G)\le \sqrt{8n}$, and $\mathrm{lct}(G)\le \sqrt{8n}$ if $G$ is additionally $2$-connected. This improves a sequence of earlier bounds for these problems, with the previous state of the art being $O(n^{2/3})$. Second, we show that every connected graph $G$ satisfies $\mathrm{lpt}(G)\le O(\ell^{5/9})$, where $\ell$ denotes the maximum length of a path in $G$. As an immediate application of this latter bound, we present further progress towards Lovász' and Thomassen's conjectures: We show that every connected vertex-transitive graph of order $n$ contains a cycle (and path) of length $Ω(n^{9/14})$. This improves the previous best bound of the form $Ω(n^{13/21})$. Interestingly, our proofs make use of several concepts and results from structural graph theory, such as a result of Robertson and Seymour (1990) on transactions in societies and Tutte's $2$-separator theorem.